On Friday, Dallas Federal Reserve President Richard Fisher said the U.S. is "drowning in unemployment" and that the Fed's monetary easing was not the solution; certainty on taxes and regulation are what's needed to jump start hiring.
Mr. Fisher's comments, delivered during a speech at the University of Texas at Dallas, highlighted the intractable nature of unemployment over the last few years and the folly of so-called "quantitative easing" by the Federal Reserve.
"A short-term fix to the fiscal cliff will do nothing but push out the envelope of indecision and we will continue to be plagued by high unemployment," Fisher said. "We've had a recovery that is quite disappointing....We've never been here before so none of us know how we're going to navigate out of this particular quadrant of the liquidity pool in this ocean of money. And what I'm concerned about is that we may be painting ourselves into a corner," he said.
Mr. Fisher says the sluggish economy and unemployment picture are not the result of the Fed's lack of trying. Indeed, as Reuters notes, the Fed has held interests rates at zero and bought up over $2.3 trillion in long-term securities to tamp down borrowing costs. And yet, long-term unemployment remains at historic highs, with one in five American men now out of a job and record high 88,921,000 Americans no longer in the U.S. labor force.
"We've done a lot," says Fisher. "It's not clear to me despite our theoretical ability to understand the tools very well, in practice, how we are going to get out of this."

son of the revolution;16852 Wrote: "It's not clear to me despite our theoretical ability to understand the tools very well, in practice, how we are going to get out of this."

REALLY ?? I mean are you fucking serious ???

All you IVY League educated experts dont know how we're going to get out of this ??!?!! How about starting off by acknowledging how we got INTO this ?

The complete and utter destruction of any meaningful manufacturing base !!!

DUH !

We're drowning BECAUSE the Progressives want us to.

They're tripling down on what got us here, they know it, and half of America wants more.
The crippling of the manufacturing base was just one tool in their Commie toolbox.

When you incentivize the exodus of manufacturing, increase costs through regulation, inflate the currency, spend yourself into debt oblivion and can see what all this has ALREADY done to other countries.....you WANT the results you get.
It's TREASONOUS if its anything.
And Omerica wants more. Sick

Those educated in the Ivy League Towers of Privilege simply refuse to acknowledge that they make mistakes--they went to an Ivy League college, after all, they're the best and brightest that America has to offer...so they're told.

Camper;16917 Wrote:Those educated in the Ivy League Towers of Privilege simply refuse to acknowledge that they make mistakes--they went to an Ivy League college, after all, they're the best and brightest that America has to offer...so they're told.